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IMF considers Nigeria’s request to borrow $3.4bn

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IMF considers Nigeria’s request to borrow $3.4bn

Nigeria’s application for a $3.4 billion credit from the International Monetary Fund (IMF) is currently under review.

“We are working hard to respond to this request so that a proposal can be considered by the IMF’s executive board as soon as possible,” Kristalina Georgieva, the IMF chief said in a statement on Tuesday.

The Nigerian Government two days ago said it had joined 80 other countries to request a COVID-19 Rapid Credit Facility from the 189-member organisation, one of a series of loan arrangements it is making to tackle the current socio-economic and health crisis.

Read also: Fitch downgrades Nigeria’s foreign currency issuer rating to negative

The IMF boss observed that Nigeria’s present economic emergency resulting from its exposure to the COVID-19 pandemic and shocks from slump in the price of oil, Nigeria’s biggest foreign exchange earner, informed government’s choice to seek the Fund’s Rapid Financing Instrument.

“President Buhari’s administration is taking a number of measures aimed at containing the spread of the virus and its impact, including by swiftly releasing contingency funds to Nigeria’s Center for Disease Control and working on an economic stimulus package that will help provide relief for households and businesses impacted by the downturn,” Ms Georgieva said.

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